Musk's Tweets Blindsided Tesla Board Members

Musk tweets he's working with Goldman Sachs Silver Lake & others to take Tesla private

Musk tweets he's working with Goldman Sachs Silver Lake & others to take Tesla private

Tesla is forming a special committee to evaluate proposals to take the company private one week after CEO Elon Musk said he was considering it.

In Instagram DMs with the publication, Banks said that Musk was "scrounging for investors" after tweeting out that he planned to take Tesla private and that he had funding "secured".

"During the meeting, the Managing Director of the fund expressed regret that I had not moved forward previously on a going private transaction with them, and he strongly expressed his support for funding a going private transaction for Tesla at this time", Musk said in his statement. These comments sparked suspicion that Musk could be manipulating the stock price of Tesla, unless he was stating facts, and this suspicion in turn prompted the revelation.

In a statement earlier Monday, Musk also shared more details about who might fund such a deal.

But a source said Silver Lake was offering its assistance to Musk without compensation and had not been hired as a financial adviser in an official capacity.

Musk shocked markets last week with the tweeted announcement that he was considering taking Tesla private for $420 a share, a price that valued Tesla at more than $70 billion, and that he had "funding secured". "Among other things, this will allow me to obtain a more precise understanding of how many of Tesla's existing public shareholders would remain shareholders if we became private".

He added that most capital for the deal would come from equity and it would not be "wise" to burden the company with added debt.

FILE PHOTO: A Tesla sales and service center is shown in Costa Mesa, California, U.S., June 28, 2018.

But corporate governance and shareholder voting advisers Glass Lewis and Institutional Shareholder Services said they do not consider Buss an independent director, due to his connections to a solar panel business the company bought two years ago.

In the days that followed, the SEC got involved, reportedly investigating Musk's online musings about taking the company private.

Tesla's board said on August 8 that Musk had held talks with the directors in the previous week on taking the company private.

Azealia Banks claims she spent a freakish weekend at Elon Musk's house, while waiting to work with his girlfriend Grimes in a collaboration that never happened - but the Tesla CEO is insisting he's never even met her. Wilson Sonsini Goodrich and Rosati will be legal counsel for Tesla itself.

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